Protection for Financial Services Clients of Thai Financial Institutions

Abstract

Provision with financial consumer protection is an issue, to which precedence is given by the regulatory agencies and financial business operators, especially in the business sector of financial institutions where protection for financial services clients is provided by several laws, for example: law on financial institutions; law on credit information business; law on payment system; and law on consumer protection, etc., empowering the Bank of Thailand to stipulate regulations for the financial institutions to comply with, but from rapid development of technologies nowadays, emerge many new forms of products and services, probably complicating and resulting in unfairness to the consumers, who lack proper knowledge of the products and services. Therefore, the business operators are required to strictly comply with rules of fair administration of services to the clients (Market Conduct), stipulated by the Bank of Thailand, and build systematic cooperation with the regulatory agencies, in order to provide with protection for financial services clients and bring about confidence in the sector of financial institutions.